The trend of NFTs (Non-Fungible Tokens) gained unreal attention in 2021. If you think of it, a piece of digital art selling for $69 million surely deserves all the attention in the world. Since February 2021, many NFTs have been sold for millions of dollars and have created a completely new economy. While original NFTs such as CryptoPunks have been the face of the NFT world, new additions such as Bored Ape Yacht Club NFT have created a solid impression in recent times. What’s more interesting is that a lot of celebrities are vouching for Bored Ape Yacht Club or BAYC.
Now, it is reasonable for any crypto enthusiast to wonder about questions like, “What is Bored Ape NFT?” and why it is so popular. The following discussion highlights an introductory overview of Bored Ape Yacht Club NFTs and their background. In addition, you can also explore insights on reasons for their popularity as well as future prospects for them.
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What’s the Hype around Bored Ape Yacht Club?
The craze around crypto-related solutions has doubled up considerably, especially during the course of a global pandemic. NFTs are a unique category of crypto assets, which have emerged with new paradigms on digital asset provenance. Non-fungible tokens are unique assets that you can collect and trade or flaunt on social media. Back in 2017, the first popular NFTs emerged in the form of CryptoPunks. However, recent entries like BAYC NFT or Bored Ape Yacht Club non-fungible tokens have also proved successful.
Drawing inspiration from CryptoPunks, the latest entries in the NFT landscape have generated over $750 million in trading volume. Many celebrities, athletes, musicians, and others have been using Bored Ape NFTs as their choice of Twitter NFT avatars. As a matter of fact, the Bored Ape Yacht Club benefits extend beyond the ownership of a unique digital image.
Ownership of a Bored Ape NFT automatically grants you access to a privileged club of Bored Ape NFT owners. The Bored Ape Yacht Club gained mainstream media attention in an episode of Jimmy Fallon’s Tonight Show. Jimmy Fallon and Paris Hilton revealed their Bored Ape NFTs on the former’s show.
Apparently, Jimmy Fallon has paid more than $200,000 for his Bored Ape NFT. Isn’t that a bit too much? No. As a matter of fact, the existing Bored Ape Yacht Club NFT price estimate for starters is almost 94 Ether. In terms of fiat currency, the entry price into the Bored Ape Yacht Club is around $288,000. On top of it, the Bored Ape Yacht Club has a total of 10,000 NFTs only. All these factors collectively build interest in learning about details of Bored Ape Yacht Club NFT and their value.
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Definition and Origins of the Bored Ape Yacht Club
One of the foremost questions that must be revolving around your minds right now would be “What is the Bored Ape Yacht Club?” and where did it come from. The city of Miami has turned into a hub for crypto art and growing preferences for crypto solutions. A Miami-based startup, Yuga Labs, launched the BAYC NFT collection in spring 2021. As you must have deciphered by now, the Bored Ape Yacht Club is basically a collection of NFTs. The NFTs correspond to digital profile pictures in the form of a cartoon ape. Each NFT has its unique traits and customizations, such as outfits, color schemes, and facial expressions.
The Bored Ape Yacht Club NFT serves as a deed of ownership for the digital profile picture of an ape. NFTs can help buyers in proving that they have sole ownership of the image. Interestingly, the success of Bored Ape NFTs has been responsible for driving the introduction of many NFT profile pic collections. Some of the notable examples of NFT profile pic collections inspired by Bored Ape NFTs include Cool Cats and World of Women. On the contrary, Bored Apes enjoy a massive and dedicated base of collectors alongside offering an exclusive range of benefits.
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Creators of Bored Ape Yacht Club
The next important aspect in a discussion about “What is Bored Ape NFT?” would obviously point towards its creators. Who are the creative geniuses behind these popular celebrity NFTs? The Bored Ape Yacht Club was created by Yuga Labs in spring 2021, and it included four people at that time. Interestingly, all the four people behind BAYC NFT used pseudonyms and never revealed their identities until February 2022. The founders of Bored Ape NFTs used the following pseudonyms.
- There’s Gordon Goner
- No Sass
- Emperor Tomato Ketchup
The two co-founders took on the first two pseudonyms, while their friends supporting them on the development work took the latter two. However, they revealed their identities on Twitter alongside images of their Bored Ape NFTs. “There’s Gordon Goner” is actually Wylie Aronow, and “Gargamel” is Greg Solano. Their friends also joined suit and revealed their identities sometime after.
Another interesting fact about the origins of Bored Ape NFTs is the identity of Bored Ape Yacht Club creator. What are you thinking? You just came to know about all people involved in Yuga Labs and the development of Bored Ape NFTs. Haven’t you missed the person who created the actual bored ape art? The answer might surprise you. A freelance artist by the name of Seneca created the actual Bored Apes art and is not a part of Yuga Labs now.
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How Can I Buy Bored Ape NFTs?
The obvious question about purchasing the favorite Bored Ape NFT of your choice garners adequate attention from beginners. In order to know how to buy Bored Ape NFTs, you must be aware of the Bored Ape Yacht Club most expensive NFTs. You must know about the specific traits of Bored Ape NFTs which distinguish them from one another. In the process, you can also identify the places to find Bored Ape NFTs and best avenues for reaping benefits.
First of all, you need to note that Bored Ape Yacht Club is an exclusive NFT collection or project. The project takes a specific template and produces multiple variations, followed by ranking them in the order of rarity. For example, the Bored Ape Yacht Club NFT collection includes a total of 10,000 Bored Ape NFTs only. Each Bored Ape features different properties such as fur types, accessories, clothing, facial expressions, and many other traits. How can you identify these properties distinctively in a Bored Ape NFT?
You can find the properties of a BAYC NFT clearly on display on an NFT marketplace like OpenSea. The platform serves as a credible ground for buying and trading NFTs. You can find the properties of a specific Bored Ape NFT on its page alongside the share of NFTs in the collection with similar features. With a trait rarity below 1%, you can have a rare Bored Ape with a higher valuation. For example, the ‘Solid Gold’ fur trait is a rare feature found in only 46 Bored Apes out of the collection of 10,000 NFTs.
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Pricing of Bored Ape Yacht Club NFTs
Considering the rarity of Bored Ape NFTs, beginners would form many assumptions regarding the Bored Ape Yacht Club NFT price variations. Interestingly, the Bored Ape Yacht Club features a ‘floor price’ as an entry-level price. Users don’t have to dab with utterly expensive Bored Ape NFTs when they can start with an ape featuring common traits. Rather than wondering about the Bored Ape Yacht Club most expensive NFTs, you can go for Bored Apes available at floor price. So, what is the floor price or base price for a Bored Ape NFT? You can grab a Bored Ape with common features at a price of 94 Ether.
The entries among Bored Ape Yacht Club most expensive NFTs include one priced at $1.3 million, which was sold in January 2022. Another Bored Ape sold for around $2.9 million in September 2021. Just a reminder to know how Bored Ape NFTs have exclusive potential. However, it is also important to know some solid reasons for verifying the potential of Bored Ape NFTs.
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Reasons behind Popularity of Bored Ape Yacht Club NFTs
The list of expensive Bored Ape NFTs, their unique traits, and celebrity endorsements are the primary reasons to trust the collection. What makes the Bored Ape NFT so valuable? The pseudonymous Bored Ape Yacht Club creator team sold all the 10,000 Bored Ape NFTs within 12 hours at an average cost of 0.08 Ether, equating to almost $190. Today, you can purchase a common Bored Ape NFT at around 94 Ether or $288,000, thereby implying a formidable growth in value. What exactly helped in driving such exceptional growth? The answer lies in the following three factors.
There is no way you can deny how celebrity involvement fuels a specific trend. When celebrities purchase an NFT, the general public would obviously want one for themselves. However, the celebrity involvement factor works only to a certain extent. What if the trend is not useful? This is where you need to uncover the basis for Bored Ape Yacht Club NFT price valuations.
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Utilities for Members
How do you determine the value of a specific product or service? The answer is a utility or the purpose it serves for you. In the case of the majority of NFT projects, you can find some proposition of utility, whether it is NFT staking or play-to-earn games. In this case, you must admire the genius of the Bored Ape Yacht Club creator team for the wide range of utilities available to members.
For example, the Bored Ape Kennel Club allows Bored Ape NFT owners the facility for adopting a dog NFT featuring traits like their corresponding Bored Apes. The BAYC NFT collection also launched another freebie for members in August 2021 with digital mutant serum vials. Owners can use the serum for creating Mutant Ape NFTs. Interestingly, both the Kennel Club and Mutant Ape Yacht Club concepts have gained formidable popularity.
Most important of all, the Bored Ape Yacht Club NFT team emphasizes community development, thereby driving popularity. The team has conducted meetups in California and New York alongside community gatherings in the UK and Hong Kong. Above everything else, the Bored Ape NFT collection has turned into a symbol of status. Celebrities and people interested in the crypto space and NFTs use Bored Ape NFT as Twitter profile pics and on Discord and many other platforms.
Want to discover different types of NFTs with unique traits and distinctive use cases? Check: Understanding The Different Types Of NFTs
The outline on ‘What is Bored Ape NFT?’ clearly delivers a promising impression of the value they bring to the crypto ecosystem. Bored Ape NFTs are not the usual run-of-the-mill NFT images, which offer unique proof of ownership. On the contrary, the Bored Ape Yacht Club is an NFT collection or project with a limited collection of NFTs. The unique traits of the Bored Ape NFTs help in determining their value while establishing a clear ‘floor price’ for entry into the project.
The easy availability of Bored Ape NFTs on popular NFT marketplaces such as OpenSea also provides solid grounds for their popularity. Add celebrity involvement and community engagement alongside utility for members, and you have the perfect recipe for the next NFT phenomenon. Learn more about Bored Ape NFTs and their future now.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!